Most of us will get the State Pension when we retire, but our research shows that only half of pensioners claiming the new State Pension got the full amount in 2023, with 150,000 getting less than £100 a week1.
So, we've put together some guides and information so you can find out how the State Pension works, how much State Pension you're on track to get and how you may be able to top up your State Pension, if you're not on track to get the full amount.
Video Transcript
Sarah Pennells: Most of us expect to get the State Pension when we retire, but did you know that last year, only half of pensioners on the new State Pension got the FULL amount? And 150,000 received less than £100 a week.
To get the full State Pension you need to have paid or been credited with 35 years of National Insurance.
But if, for example, you were employed on a low salary, or you were unemployed and didn’t claim benefits or if you were on a HIGH income but didn’t register for Child Benefit, you may have gaps in your National Insurance record.
You may be able to fill in those gaps by making voluntary National Insurance payments – effectively buying extra National Insurance.
The rules say you can normally go back over the last six years and fill in the gaps, but until April 5th 2025, you can go back almost 20 years – all the way to April 2006.
You’ll have to PAY to make voluntary National Insurance contributions, and it isn’t right for everyone. But for some it could be money well spent. Go to Gov.uk/check-state-pension to find out more.
Our State Pension challenge
Our consumer finance specialist, Sarah Pennells, along with five of our customers, tried to live on the equivalent of the State Pension for a week to show what life could be like on the State Pension alone.
Retirement living standards
The Retirement Living Standards can help you think about how much different lifestyles will cost. Discover how much you’ll need for a minimum, moderate, or comfortable standard of living in retirement.
Useful resources
Sources:
1 Royal London - Revealed: 150,000 pensioners get a State Pension of less than £100 a week